西安奕材“过会”！有望第15家科创板！陕西迎来“未盈利”上市公司

Core Viewpoint - The successful IPO approval of Xi'an Yiswei Material Technology Co., Ltd. marks a significant milestone for the integrated circuit industry in Shaanxi and the local venture capital community, potentially making it the first unprofitable company to list on the STAR Market under the new policies [1][4]. Group 1: Company Overview - Xi'an Yiswei is a leading domestic manufacturer of 12-inch silicon wafers, holding the most authorized domestic and international patents in this field [1]. - By the end of 2024, the company is expected to achieve a production capacity of 710,000 wafers per month, accounting for approximately 7% of the global market share for 12-inch silicon wafers [3][4]. Group 2: Financial Performance - The company plans to raise 4.9 billion yuan through its IPO, with all proceeds allocated to the second phase of its silicon industry base project [4]. - Financial data shows that the company's revenue for 2022, 2023, and 2024 is projected to be 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan respectively, indicating a compound annual growth rate of over 40% [4]. Group 3: Investment and Support - The total investment in Xi'an Yiswei's two factories exceeds 20 billion yuan, reflecting the heavy asset burden typical in the semiconductor industry [6]. - The company has completed seven rounds of external financing since 2019, raising over 10 billion yuan, with local financial institutions playing a crucial supportive role [8][13]. Group 4: Market Position and Challenges - Xi'an Yiswei has established a strong market presence, achieving nearly full coverage of domestic wafer manufacturers and stable supply to major overseas clients [7]. - The company faces significant barriers to entry in the 12-inch silicon wafer market, including lengthy customer validation cycles that can take 1-2 years or longer [7]. Group 5: Regional Impact - The successful IPO approval is expected to boost the entire integrated circuit industry chain in Shaanxi, filling a critical gap in the supply of 12-inch silicon wafers [19]. - The provincial government has been actively encouraging the development of Xi'an Yiswei, reflecting a broader strategy to enhance the local venture capital ecosystem and support technology-driven enterprises [19][20].